South Korea government to exempt LNG import levies in support of LNG bunkering

The South Korea government will be exempting import levies of liquefied natural gas (LNG) in support of LNG bunkering next year, according to local media.

The Ministry of Trade, Industry and Energy on Friday (6 August) submitted a partial amendment to its Enforcement Decree of the Oil and Petroleum Alternative Fuel Business Act to support the change.

Current levies of LNG material imported to South Korea are tagged at KRW 24,242 per metric tonne; the development will result in this levy being effectively zero from 1 January 2021.

Note: The partial amendment to Ministry of Trade, Industry and Energy Enforcement Decree of the Oil and Petroleum Alternative Fuel Business Act can be obtained from their official website here.

Further initiatives by South Korea to support the use of LNG as a bunker fuel can be found below:

Related: KOGAS joint venture appoints Hyundai Heavy Industries to build LNG bunker vessel
Related: South Korea: Ministries unveil initiative to advance green tech for shipping & marine fuel
Related: Naming ceremony held for South Korea’s first LNG-powered bulk carriers

Photo credit: Lauren Seo on Unsplash
Published: 11 August, 2021